CBRE announced the $16 million sale of Villa De La Paz in Phoenix to WhiteHaven Capital.
CBRE’s Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke represented the Phoenix-based buyer WhiteHaven Capital, and the private sellers, Cornelius Covaci and Daniela F. Covaci. Financing was arranged through CBRE Capital Markets.
Villa de la Paz, at 6041 W Thomas Rd, is a 104-unit apartment complex. The two-story property, located in the in the evolving West Phoenix submarket, features mostly two-bedroom, two-bathroom floor plans, each unit with balconies. Common amenities include a playground and pool. The new owner plans an extensive value-add program of the property that was built in 1982 and renovated in 2009.
“The metro Phoenix submarket is experiencing extremely strong investor demand from private capital investors, family offices and syndicators who want to take advantage of the robust fundamentals,” said Smuckler. “Phoenix is consistently one of the top performing apartment markets in the country regarding rent growth, net in-migration, employment growth and a pro-business environment. In addition, there is a scarcity of value-add opportunities that cater to the workforce resident profile and attractive fixed rate debt at historically low rates. These facts made this asset the perfect investment for the buyer.”
WhiteHaven Capital, a real estate private equity firm, has been focused on purchasing apartment communities in the Phoenix metro since 2018. The company budgeted nearly $3 million for renovations at the property, including in-unit upgrades such as new cabinetry, granite countertops and stainless appliances.
“With the addition of the new loop 202 freeway, we expect this area to see an uptick in development projects,” said Sam Grooms, principal of WhiteHaven Capital.